Watch elizabeth warren eviscerate “gutless” wells fargo c. e.o. over ph _ vanity fair

Wells Fargo C.E.O. Pain trade definition John Stumpf hasn’t exactly had an easy go of it over the last few weeks. Trade compliance definition His bank was fined $185 million after it came to light that employees had created millions of unauthorized, fake accounts in order to reap sales bonuses over the course of five years. Definition of trade protectionism He let 5,300 workers go as a result, watched his stock drop, and lost more than $1 billion in a single day for prominent shareholder Warren Buffett.

But nothing could be as gutting as the verbal beat-down that Senator Elizabeth Warren handed him at a Senate Banking Committee hearing on Tuesday, in which Warren called for him to step down and demanded regulators investigate him for his “gutless leadership.”

“You should resign. . . . Trade worker definition You should be criminally investigated,” she said, barely pausing long enough to let Stumpf utter more than a few words at a time. Stop loss trade definition “You haven’t resigned, you haven’t returned a single nickel of your personal earnings, you haven’t fired a single senior executive.


Trade network definition Instead, evidently your definition of ‘accountable’ is to push the blame to your low-level employees who don’t have the money for a fancy P.R. Definition of fair trade products firm to defend themselves. Trade journal definition It’s gutless leadership.”

She noted that Stumpf personally benefited, as Wells Fargo stock climbed over the last five years, while the bank’s employees were setting up the phony accounts. Definition for trade union “You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket,” Warren said.

“You should give back the money that you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission. Trade organizations definition This just isn’t right,” she added, before yielding the floor.

Stumpf did apologize in the hearing, clarifying that this was not an “orchestrated effort” or a “scheme,” and what happened went against the “values, ethics, and culture, and runs counter to our business strategy” at Wells Fargo.

By Wall Street standards, Sage Kelly had it all: a cushy, $7 million-a-year gig running Jefferies’s health-care investment-banking unit, a home in Sag Harbor, a growing family, and a group of buddies to pal around with. Trade dictionary definition But it all came crashing down when his wife filed for divorce, alleging in court papers that they had engaged in a foursome with clients and that he would often take so many drugs that he would pee all over their home. Trade magazine definition Jefferies denied all of the allegations and Kelly’s wife later recanted the statements, but the banker found himself out of a job for two years. Definition of trade system Photo: Photo-Illustration by Ben Park; From Splash News (Kelly).

Raj Rajaratnam was a frugal billionaire of sorts—opting to fly commercial and flouting the fancy art and high-end collectables that many of his fellow hedge fund managers favored. The definition of trade barriers But he was also keen on skirting the law, a court found. Trade customer definition Rajaratnam was charged with trading on inside information in 2009 and convicted on 14 counts of conspiracy and securities fraud in case considered to be one of the biggest prosecutorial wins in white collar criminal history. Trade protectionism definition He is currently serving out his 11 years in the main prison at the Federal Medical Center at Devens in Ayer, Massachusetts.

That billionaire Michael Milken, the high-flying junk bond king of Beverly Hills, found himself sobbing in front of a courtroom in 1990 as he was sentenced to 10 years in prison, surely felt like a cruel twist of fate. Trade imbalance definition That he ended up there because another convicted fraudster, Ivan Boesky, traded his name as part of his insider trading charges, surely felt even crueler. Definition of trade fair Milken was originally charged with 98 counts of racketeering, securities fraud, and mail fraud, though he pleaded guilty to just six counts of conspiracy and fraud related to illegal securities trading. Definition of trade in services He was ordered to pay $600 million in fines.

By Wall Street standards, Sage Kelly had it all: a cushy, $7 million-a-year gig running Jefferies’s health-care investment-banking unit, a home in Sag Harbor, a growing family, and a group of buddies to pal around with. Definition of trade publication But it all came crashing down when his wife filed for divorce, alleging in court papers that they had engaged in a foursome with clients and that he would often take so many drugs that he would pee all over their home. Definition of modern trade Jefferies denied all of the allegations and Kelly’s wife later recanted the statements, but the banker found himself out of a job for two years.

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